在這種競爭激烈的格局中，我來到圍繞區塊鏈的社會共識和生態系統是迄今為止最重要的戰略資產

區塊鍊是一個技術上的奇蹟，但是在這種競爭激烈的格局中，我開始將圍繞區塊鏈的社會共識和生態系統視為迄今為止最重要的戰略資產。社會層很重要，但由於鏈條的不同原因。

The social consensus and ecosystem around blockchain is by far its most important strategic asset in this vastly competitive landscape. We discuss how this 'Layer 0' factor is crucial and how it can only really excel at one primary mission.

在這種競爭激烈的格局中，圍繞區塊鏈的社會共識和生態系統是迄今為止最重要的戰略資產。我們討論了這個“ 0層”因素如何至關重要，以及它如何才能真正在一個主要任務中表現出色。

What do you get when you combine a passion for crypto with a knack for economics? Ben Bernanke impressions and a deep dive into the Bitcoin and Ethereum ecosystems.

當您將對加密貨幣的熱情與經濟學的訣竅結合在一起時，您會得到什麼？本·伯南克（Ben Bernanke）的印象，並深入了解比特幣和以太坊生態系統。

We’ve written before about how cryptocurrencies are best understood as a technical solution to a social problem. In the case of bitcoin, the founders recognized that the monetary system was fundamentally broken and decided to build a cryptocurrency focused on scarcity. The essence of bitcoin is that it's an excellent store of value, a property that is useful in a world with an excess of liquidity and risky assets.

我們之前曾寫過關於如何最好地將加密貨幣理解為社會問題的技術解決方案。就比特幣而言，創始人認識到貨幣體係從根本上破壞了，並決定建立以稀缺性為重點的加密貨幣。比特幣的本質是，它是一種非常出色的價值存儲，在一個過多的流動性和風險資產的世界中很有用。

Of course, if bitcoin is going to be the primary store of value, it needs an ecosystem that can sustain it for the very long term. And that social consensus is going to be crucial to bitcoin's success.

當然，如果比特幣將成為價值的主要存儲，它需要一個可以長期維持的生態系統。這種社會共識將對比特幣的成功至關重要。

To put this in perspective, we'll start with some very broad numbers. The community around bitcoin is focused on the cryptocurrency's role as a scarcity-based asset. It's better than fiat currency and more reliably scarce than gold. It's also immune to politics and protected by a vast proof of work infrastructure. Bitcoin is in a constant battle for mindshare with other crypto-assets and, even more so, against traditional fiat currencies and central-bank-issued assets.

從角度來看，我們將從一些非常廣泛的數字開始。比特幣周圍的社區專注於加密貨幣作為基於稀缺的資產的作用。它比法定貨幣好，比黃金更可靠。它也不受政治的影響，並受到大量工作基礎設施的保護。比特幣一直在與其他加密資料進行思維斗爭，甚至更多地與傳統的菲亞特貨幣和中央銀行發行的資產。

This is not the same as other stores-of-value. There can be many kinds of government and corporate debt, and their values are all tied to the likelihood of repayment. The closest analogy for bitcoin is with gold, which does not pay interest or generate any cash flow. Nor is there any meaningful industrial demand for gold. The value of gold is simply that it is scarce and getting more of it is not easy.

這與其他價值商店不同。可能有許多政府和公司債務，其價值都與還款的可能性有關。比特幣的最接近類比是黃金，金額不支付利息或產生任何現金流。黃金也沒有任何有意義的工業需求。黃金的價值僅僅是因為它稀缺，而獲得更多的價值並不容易。

One particularly important feature of this crypto ecosystem is that it is a zero-sum game. If you admit that there can be more than one cryptocurrency used as a store of value, you are on a slippery slope because technically, there can be an infinite supply of identical copies of bitcoin. If there can be two, there can be a thousand. If that happens, the value of bitcoin is uncertain and likely low.

該加密生態系統的一個特別重要的特徵是它是零和遊戲。如果您承認可以將多種加密貨幣用作價值存儲，那麼您就在濕滑的斜坡上，因為從技術上講，可以提供相同的比特幣副本。如果可以有兩個，則可以有一千。如果發生這種情況，比特幣的價值不確定且可能很低。

Right now, there are no other cryptocurrencies that have a value even remotely close to that of bitcoin. Assets like litecoin, bitcoin cash, dogecoin and others represent a tiny fraction of bitcoin's market capitalization. The only asset in the same general league is ether, and I would argue that it should be seen less as a cryptocurrency and more as a stake in a computing ecosystem.

目前，沒有其他的加密貨幣具有遠程接近比特幣的價值。 Litecoin，Bitcoin Cash，Dogecoin等資產代表了比特幣市值的一小部分。同一通用聯盟中唯一的資產是以太，我認為應該將其視為加密貨幣，而將其視為計算生態系統中的股份。

The result of this logic is a uniquely aggressive approach to mindshare. The value of bitcoin must be sustained by constant memetic warfare against other cryptocurrencies. Scroll through r/bitcoin, and you will find a stream of memes that aim to reinforce the value of bitcoin. Typical content includes dire warnings about the U.S. dollar's debasement with quantitative easing, the serious U.S. federal debt, the horrors of inflation, and rapturous predictions for future prices. That quantitative easing did not cause inflation and that low to moderate inflations inflict no measurable economic harm does not matter in that context: Political harm, yes, economic harm no. (See here and here)

這種邏輯的結果是一種獨特的積極進取的思維方式。比特幣的價值必須通過對其他加密貨幣的持續記憶戰來維持。滾動瀏覽R/比特幣，您會發現旨在增強比特幣價值的模因流。典型的內容包括有關美元貶低的嚴重警告，以量化的寬鬆，嚴重的美國債務，通貨膨脹的恐怖以及對未來價格的狂熱預測。這種量化的寬鬆並沒有導致通貨膨脹，而低至中等通貨膨脹不會在這種情況下造成任何可衡量的經濟傷害：政治傷害，是的，經濟傷害，沒有。 （請參閱此處和此處）

A typical bitcoin meme includes a reminder that a long, long time ago, a dollar would buy you a full bag of groceries. The implication is that you are being robbed through gradual printing of money. This meme has never stood up to the most basic examination. Moderate inflation is fine, necessary, and infinitely better than deflation. We are vastly better off than we were when a dollar could buy a bag or groceries, but acknowledging that would undermine the narrative. It does not matter, however. Never let the facts get in the way of a good story.

一個典型的比特幣模因提醒人們，很久以前，一美元會給您買一袋雜貨。這意味著您正在通過逐漸印刷金錢而被搶劫。這個模因從來沒有參加過最基本的考試。中等通貨膨脹率是良好的，必要的，並且比通氣更好。我們比一美元可以購買袋子或雜貨時要好得多，但承認這會破壞敘述。但是，沒關係。永遠不要讓事實妨礙一個好故事。

To sustain its value, bitcoin needs a very assertive social consensus. And that has to continue for an exceedingly long time. Gold's use as a shared global store of value dates to 650 BCE in ancient Türkiye, so they have a significant head start. And while there are other precious metals, none of them have ever approached gold in terms of total market capitalization. The market cap of gold is 10 times larger than the market cap for silver.

為了維持其價值，比特幣需要非常自信的社會共識。這必須持續很長時間。 Gold用作古代Türkiye公元前650年的全球價值商店的使用，因此他們有很大的開端。儘管還有其他貴金屬，但在總市值方面，沒有一個人曾經接近黃金。黃金的市值是銀的10倍。

The social ecosystem that underpins Ethereum is different. First and foremost, Ethereum is the world computer. Ethereum is a positive-sum ecosystem where people are encouraged to build and extend. The discussion and tone of r/Ethereum is, again, a good proxy for the whole ecosystem: it is focused on engineering, development, and new applications.

支撐以太坊的社會生態系統不同。首先，以太坊是世界計算機。以太坊是一個積極的生態系統，鼓勵人們建造和擴展。 R/以太坊的討論和語調再次是整個生態系統的良好代理：它專注於工程，開發和新應用。

Ethereum, like bitcoin, has an equally passionate Layer Zero ecosystem and is as dominant compared to other “smart contract” blockchains as bitcoin is to other pure crypto-assets. Ethereum's dominance is visible in the market cap of the asset but also in its share of

像比特幣一樣，以太坊具有同樣熱情的零層生態系統，與其他“智能合同”區塊鏈相比，比特幣與其他純淨的加密資產一樣具有統治地位。以太坊的主導地位在資產的市值中可見